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Lodha UK lands £517M loan for London luxury resi scheme

Lodha UK secured a £517 million loan from M&G Investments for its planned 48-unit luxury residential scheme in Mayfair, London, CoStar News U.K. reported.

The project is at No. 1 Grosvenor Square, which previously housed the Canadian High Commission before the Canadian government sold the property to Indian real estate developer Lodha Group for a reported sum of more than £300 million in 2014.

The loan will be held and invested by M&G-managed funds, according to the Oct. 10 report.